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1) Overhead budgets we make contains both production and non-production element or only production?
2) Please answer this for labor budget also that whether we do for both direct and indirect labor or for direct labor only.
Functional budgets will be prepared for production and non-production overheads separately. This is the same for labour.
The full master budgets will include all overheads, but obviously only those relating to production are relevant in budgeting the cost of sales and the valuation of inventories.